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EUR/USD Gaps Down, Trades into Well-Defined 1.2880

EUR/USD Gaps Down, Trades into Well-Defined 1.2880

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_eurusd.png, EUR/USD Gaps Down, Trades into Well-Defined 1.2880

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: 1.2880 was reached today. The level is defined by the 50% retracement of the rally from the 2012 low, late November low and December low. Price is also holding on to channel support from the 2012 low (intraweek). It’s been a difficult market environment with several false bottoms but the Sunday gap down into support is a good reversal combination.

FOREX Trading Strategy: Got whipsawed with price exceeding 1.3064 on Friday and turning us bullish. The EURUSD needs to hold today’s low before we can attempt longs again. A bottom appears to be in place in EURSEK.

LEVELS: 1.2661 1.2710 1.28751.3045 1.31341.3250

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.